The story of this market
The typical home in ZIP 55407 sells for about $314,500, or $263 per square foot.
Prices are up +7% from a year ago, so sellers still have some momentum. Homes take about 45 days to sell. HUD's fair market rent for a two-bedroom is $1,291 a month.
ZIP 55407 — Minneapolis
The 55407 housing market remains stable with moderate price growth and consistent demand for entry-level housing. Market activity is driven by its urban location and relative affordability compared to other Minneapolis neighborhoods, though inventory remains tight.
This ZIP is well-suited for first-time homebuyers, investors, and renters who prioritize urban accessibility and proximity to downtown employment hubs over suburban space.
Median prices moved up 7.0% year over year.
Homes spend a median of 45 days on market with 3.2 months of supply — a fast-moving market.
15% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 6.5% · poverty 17.4% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 7.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 55407, Hennepin County MN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime rates in the 55407 area are higher than the Minneapolis city average, with property crime being the most frequently reported issue.
Schools in the area are part of the Minneapolis Public Schools district, with performance ratings varying significantly across individual neighborhood schools.
The area is primarily an urban environment with standard risks for wind and storm damage; flood risk is generally low, though localized drainage issues can occur.
Economic momentum is driven by proximity to downtown Minneapolis and the ongoing revitalization of the Chicago Avenue corridor, with small-scale infill development occurring.
Property taxes are assessed by Hennepin County based on market value, with rates determined by a combination of city, county, and school district levies.
Residents benefit from excellent access to public transit via Metro Transit bus lines and proximity to major thoroughfares like I-35W, providing a direct commute to downtown Minneapolis.
The area features several neighborhood parks and is within a short distance of the Midtown Greenway, a major trail system, and the shopping districts along Lake Street.
The rental market is highly active with a high share of renter-occupied housing, driven by demand from students and young professionals seeking proximity to the city center.
The economy is anchored by healthcare, education, and retail sectors, with significant employment provided by nearby institutions in downtown Minneapolis.
The area is well-served by a dense network of bus routes and is positioned for easy access to the regional highway system.
Development is focused on transit-oriented residential projects and the adaptive reuse of older commercial structures.
Hennepin County Assessor manages property valuations with annual adjustments based on market sales data.
Parcels are subject to Minneapolis Public Schools and Hennepin County taxing jurisdictions.
Property insurance premiums are stable but reflect the urban density and regional weather risks common to the Twin Cities.
Data retrieved from Census Bureau ZCTA profiles and Data Commons.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Mall of America®4.65.9 mi
- Valleyfair4.213.8 mi
- Great Wolf Lodge | Minnesota3.95.5 mi
- Nickelodeon Universe4.55.9 mi
- Slick City Action Park4.513.3 mi
- U.S. Bank Stadium4.62.3 mi
- Grand Casino Arena4.67.5 mi
- Minneapolis Convention Center4.52.3 mi
- Minnesota State Fair4.74.8 mi
- Topgolf Brooklyn Center4.39.2 mi
- Mall of America®4.65.9 mi
- U.S. Bank Stadium4.62.3 mi
- Como Park Zoo & Conservatory4.75.7 mi
- Minnesota Zoo4.612.2 mi
- Minneapolis Institute of Art4.81.6 mi
- Minneapolis Institute of Art4.81.6 mi
- Science Museum of Minnesota4.67.6 mi
- University of Minnesota Landscape Arboretum4.818.6 mi
- Union Depot4.58.2 mi
- Walker Art Center4.52.6 mi
- Como Park Zoo & Conservatory4.75.7 mi
- Minneapolis Sculpture Garden4.72.7 mi
- Centennial Lakes Park4.76.2 mi
- Lake Harriet Regional Park4.82.8 mi
- Boom Island Park4.73.7 mi
- Pool and Yacht Club4.76.2 mi
- Watergate Marina4.55.2 mi
- Topgolf Brooklyn Center4.39.2 mi
- Edinburgh USA4.412.4 mi
- The Minikahda Club4.43.3 mi
- Puttery4.73 mi
- Braemar Golf Course4.48.1 mi
- Mall of America®4.65.9 mi
- Rosedale Center4.36.4 mi
- Twin Cities Premium Outlets4.58.8 mi
- Ridgedale Center4.49.2 mi
- Karmel Mall4.11.6 mi
- Minneapolis-Saint Paul International Airport4.44.2 mi
- Shoyu3.74.5 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
A major multi-use trail connecting the city.
A large community park featuring a lake and recreational facilities.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.